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Side-by-side financial comparison of IREN Ltd (IREN) and Wheels Up Experience Inc. (UP). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $183.8M, roughly 1.0× Wheels Up Experience Inc.). Wheels Up Experience Inc. runs the higher net margin — -15.7% vs -84.1%, a 68.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -10.2%). Wheels Up Experience Inc. produced more free cash flow last quarter ($-58.3M vs $-468.0M).
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
IREN vs UP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $183.8M |
| Net Profit | $-155.4M | $-28.9M |
| Gross Margin | 64.4% | 14.3% |
| Operating Margin | -63.0% | -0.9% |
| Net Margin | -84.1% | -15.7% |
| Revenue YoY | 59.0% | -10.2% |
| Net Profit YoY | -610.0% | 67.0% |
| EPS (diluted) | $-0.52 | $-0.04 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $184.7M | $183.8M | ||
| Q3 25 | $240.3M | $185.5M | ||
| Q2 25 | — | $189.6M | ||
| Q1 25 | — | $177.5M | ||
| Q4 24 | $116.1M | $204.8M | ||
| Q3 24 | $52.8M | $193.9M | ||
| Q2 24 | — | $196.3M | ||
| Q1 24 | $54.3M | $197.1M |
| Q4 25 | $-155.4M | $-28.9M | ||
| Q3 25 | $384.6M | $-83.7M | ||
| Q2 25 | — | $-82.3M | ||
| Q1 25 | — | $-99.3M | ||
| Q4 24 | $-21.9M | $-87.5M | ||
| Q3 24 | $-51.7M | $-57.7M | ||
| Q2 24 | — | $-97.0M | ||
| Q1 24 | $8.6M | $-97.4M |
| Q4 25 | 64.4% | 14.3% | ||
| Q3 25 | 66.4% | 6.8% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | 72.2% | 13.9% | ||
| Q3 24 | 39.6% | 13.9% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | — | -0.6% |
| Q4 25 | -63.0% | -0.9% | ||
| Q3 25 | -31.8% | -33.1% | ||
| Q2 25 | — | -31.4% | ||
| Q1 25 | — | -45.5% | ||
| Q4 24 | 14.9% | -26.0% | ||
| Q3 24 | -89.2% | -21.6% | ||
| Q2 24 | — | -40.3% | ||
| Q1 24 | 11.1% | -42.9% |
| Q4 25 | -84.1% | -15.7% | ||
| Q3 25 | 160.1% | -45.1% | ||
| Q2 25 | — | -43.4% | ||
| Q1 25 | — | -55.9% | ||
| Q4 24 | -18.8% | -42.7% | ||
| Q3 24 | -98.0% | -29.8% | ||
| Q2 24 | — | -49.4% | ||
| Q1 24 | 15.9% | -49.4% |
| Q4 25 | $-0.52 | $-0.04 | ||
| Q3 25 | $1.08 | $-0.12 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-0.14 | ||
| Q4 24 | $-0.10 | $-0.13 | ||
| Q3 24 | $-0.27 | $-0.08 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | $0.00 | $-0.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.3B | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $2.5B | $-392.1M |
| Total Assets | $7.0B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $133.9M | ||
| Q3 25 | $1.0B | $125.3M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $171.8M | ||
| Q4 24 | $427.3M | $216.4M | ||
| Q3 24 | $98.6M | $115.9M | ||
| Q2 24 | — | $141.5M | ||
| Q1 24 | $259.7M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $2.5B | $-392.1M | ||
| Q3 25 | $2.9B | $-374.5M | ||
| Q2 25 | — | $-347.8M | ||
| Q1 25 | — | $-288.1M | ||
| Q4 24 | $1.2B | $-202.1M | ||
| Q3 24 | $1.1B | $-117.7M | ||
| Q2 24 | — | $-72.2M | ||
| Q1 24 | $677.2M | $936.0K |
| Q4 25 | $7.0B | $968.8M | ||
| Q3 25 | $4.3B | $973.0M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $1.3B | $1.0B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $723.6M | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $71.7M | $-18.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $-58.3M |
| FCF MarginFCF / Revenue | -253.4% | -31.7% |
| Capex IntensityCapex / Revenue | 292.2% | 21.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-18.4M | ||
| Q3 25 | $142.4M | $-37.1M | ||
| Q2 25 | — | $-62.9M | ||
| Q1 25 | — | $-47.9M | ||
| Q4 24 | $53.6M | $37.9M | ||
| Q3 24 | $-3.9M | $-16.9M | ||
| Q2 24 | — | $-25.2M | ||
| Q1 24 | $-27.1M | $-73.8M |
| Q4 25 | $-468.0M | $-58.3M | ||
| Q3 25 | $-38.0M | $-60.4M | ||
| Q2 25 | — | $-78.6M | ||
| Q1 25 | — | $-62.6M | ||
| Q4 24 | $-85.5M | $-70.2M | ||
| Q3 24 | $-109.7M | $-21.9M | ||
| Q2 24 | — | $-30.8M | ||
| Q1 24 | $-108.3M | $-77.8M |
| Q4 25 | -253.4% | -31.7% | ||
| Q3 25 | -15.8% | -32.6% | ||
| Q2 25 | — | -41.5% | ||
| Q1 25 | — | -35.3% | ||
| Q4 24 | -73.6% | -34.3% | ||
| Q3 24 | -208.0% | -11.3% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | -199.4% | -39.5% |
| Q4 25 | 292.2% | 21.7% | ||
| Q3 25 | 75.0% | 12.5% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | 119.7% | 52.8% | ||
| Q3 24 | 200.6% | 2.6% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 149.5% | 2.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
UP
Segment breakdown not available.
